DIA will allocate up to $ 1 trillion rubles for the capitalization of banks – Interfax

DIA will allocate up to $ 1 trillion rubles for the capitalization of banks – Interfax

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The government hopes that this will help ensure the stability of the banking system and to protect the rights of depositors

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Moscow . On 18 December. INTERFAX.RU – In the State Duma a bill allocating $ 1 trillion rubles as a material contribution to the Deposit Insurance Agency for the recapitalization of banks through the mechanism of federal loan bonds. The document made the Russian government.

It is reported that the chairman of the State Duma Sergei Naryshkin has sent the bill to the Committee on Budget and Taxes Duma and the Council recommended that the House to consider it in plenary on Friday. “It is expected that the bill will be considered by the deputies in the first reading and adopted as a whole at tomorrow’s meeting of the Chamber,” – said “Interfax” in the State Duma.

According to the report of the Duma management of public relations and interaction with media, the relevant amendments to the budget are intended to ensure the stability of the banking system and the rights of citizens – depositors.

“Tomorrow there will be two important bill additionally included (in the agenda – IF). One – on recapitalization of banks in the amount of 1 trillion rubles . The second bill has already passed the first reading, we’ve got to insure 700 thousand. rubles are now planning to raise up to 1.4 million rubles, “- told reporters Vice-Speaker of the State Duma Ivan Melnikov.

The Finance Ministry said that, given the 1 trillion rubles., sent DIA, the federal budget in the current year can be executed with a deficit of 0.8-0.9% of GDP. Earlier, Finance Minister Anton Siluanov estimated that the budget will be executed with a surplus of 0.3-0.5% of GDP.

The mechanism of recapitalization of banks with the help of government debt has been developed and introduced in the previous crisis, the relevant law was passed in July 2009. In the 2009 budget for this purpose was laid 150 billion rubles in the 2010 budget – 100 billion rubles.

Then the banks could increase Tier I capital to 100% due to OFZ by exchanging preferred shares of banks . The bank’s shareholders may redeem shares in five years – up to 31 December 2014. After 10 years after the “preferred shares” the state could require their conversion into ordinary shares at par.

Take advantage of the right to obtain BFL could banks capital adequacy ratio of not less than 10%, the minimum amount – 25 million rubles. Applications are reviewed by the banks involved in the Ministry of Finance.

It was assumed that Russia will receive dividends in the amount of the coupon rate on OFZ transferred to the bank, plus 3 percentage points. In the bank, which would increase their capital at the expense of OFZ were introduced to representatives of the State, which had the right of veto in a number of decisions, including the amount of dividends and interest.

However, this tool is not used any one Bank. The first application is filed in January 2010 by Investtradebank, she was not satisfied with the Ministry of Finance. Later, in August 2010, filed an application Tatfondbank, but no further action was taken.